Buying a home
for the first time home buyer in Toledo , Ohio can be
overwhelming for a home buyer because few home buyers know where or how to
begin the search to buy a home. The first home buying step should be to
align yourself with professions who have experience working with a
first-time home buyer and assist you thru the process.

Tim
Bradford recommends getting pre-qualified for before starting your search
for a home in Toledo so you have a clear understanding of the amount
you might be qualified to borrow, the required down payment you will need
and any Tax Credits or Special financing options available to Toledo
buyers. Also, being Pre-Approved shows Realtors and Toledo
Ohio home Sellers that you are a Ready, Willing and Able Home Buyer.
The process of getting Pre-Approved includes an analysis of your income,
assets, credit and present debts. Obtaining a Pre-Approval is FREE, to
start the process Contact Tim Bradford or start an online application and he
will contact you.

When
purchasing a home, you will need to have funds to pay for certain items. The
first of these being an

Ernest Money deposit to prove to
the Toledo , Ohio seller that you serious
about the purchase of the home. These funds will be applied to your
Down Payment or the Closing Costs on your loan.

Cost of
Home Inspection to have a professional inspect the home and let you know
any repairs that need to be done now or items that you may wish to take
care of once you are the owner of the property.

Application Fee when you apply
for the loan. This amount normally covers the cost of an appraisal
of the Toledo home as well as an updated
credit report.

Down Payment - Some loans for Toledo homes do not require a down payment,
however most loans today will ask for a minimum of 3.5% or more as a down
payment. This is one subject you should discuss with Tim. You
may be eligible for Gift or Grant funds .

Closing
Costs - For homes in Toledo these can run a few thousand
dollars. As part of your contract you can get assistance from the
seller of the home. Closing costs also fall into four categories.
Check our www.GetGFE.com or
www.GFEforDummies.com for more
information about Good Faith Estimates as well as how to compare then when
shopping for your Toledo Mortgage.

The first
and generally the larger cost is Title and Escrow Services and a lot of
these charges are controlled by the Division of Insurance in Ohio.
Toledo buyers are encourage to shop the services that are shop
able. Discuss this with your Realtor.

The second
is Lender Charges, the amount paid by you will affect the rate of interest
that you pay on your loan. Your lender will have some fixed
costs associated with the processing of your loan request and in some
cases paid to third parties.

Origination Fees are typically
viewed as the income my company will receive as income when your loan is
closed. I typically encourage buyers to pay a 1.00% Origination fee
because without paying it, the rate on your loan will likely be
considerably higher. Remember you can as for assistance from the
seller of the Toledo in the payment of this charge.

The last of
the fees are Discount Points, Tim typically does not encourage the payment
of Discount Points, however in some cases it is necessary when dealing
with lower loan amounts, borrowers with prior credit blemishes or when a
buyers wants a rate of interest lower than the current market rates.
Discuss this with Tim during your Pre-Approval. .

Buying, financing or refinancing a home can appear to be a
daunting task, working with Tim Bradford and being Pre-Approved by him,
will make the process of getting a mortgage on a Toledo
home much easier and save you money today as well as over the life of your
mortgage.

"Doing Good things for Good
People"
Is our goal, as
you look back you will say it was an enjoyable experience to have worked
with Tim Bradford
and the other experienced professionals at American Midwest Mortgage.
Let us assist you with your Toledo Ohio Mortgage Questions.